Brent Crude Oil, D1

In D1 chart the instrument corrected to the center line of Bollinger Bands and the price range expanded. MACD histogram is in the negative zone, its volumes are reducing, and the signal line is reversing upwards. Stochastic is crossing the oversold zone from below, forming a signal to open short positions.

Brent Crude Oil, H4

On the H4 chart, the uptrend is still in force. The instrument is traded in a sideways channel between the center and upper lines of Bollinger Bands; the price range is narrowed. MACD histogram is in positive zone with its volumes gradually growing, the signal line is crossing its body from above, forming the signal for the opening of short orders. Stochastic is in the oversold zone and its signal line is moving horizontally.

Key levels

Resistance levels: 76.29, 77.68, 78.74, 79.67, 80.40.

Support levels: 74.70, 74.50, 74.20, 72.97, 72.11, 70.77.

Trading tips

According to the technical indicators, opening of long positions from the current level with the target at 76.00 and stop loss at 74.70 is preferable in the short term.

Short positions may be opened from 74.20 with target at 73.00. Stop loss — 74.70.

Implementation period: 1-3 days.

Brent Crude Oil

BuySellSpread
79.63179.55378

Scenario

TimeframeDay's Range
RecommendationsBUY
Entry Point75.20
Take Profit76.00
Stop Loss74.70
Support levels70.77, 72.11, 72.97, 74.20, 74.50, 74.70, 76.29, 77.68, 78.74, 79.67, 80.40

Alternative scenario

RecommendationsSELL STOP
Entry Point74.20
Take Profit73.00
Stop Loss74.70
Support levels70.77, 72.11, 72.97, 74.20, 74.50, 74.70, 76.29, 77.68, 78.74, 79.67, 80.40
Brent Crude Oil: technical analysis

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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